Rent house

[jwr]

How many people out there that rent there house to be able to afford to cruise on a sailboat.

[SVRapture40]

I rent my house, not so much to afford cruising, but to keep it lived in so it is there when I am too old to trim the sails.

[syd spray]

If you own the properties I don't see why not. Unfortunately I have a rentals with mortgages and I couldn't sail across the lake for what I earn on those at the end of the year. 7-10 more years baby then look out!

[robert sailor]

We rent our home, it certainly helps on the money side but the real reason is that like all things when they are not used they have a lot more maintenance plus we also feel that a house lived in is less likely to be broken in.

[lifeofreilly57]

My wife and I own several rental properties that help provide boat dollars. My original home (2nd marriage) is rented/leased out since we live in another state to facilitate commuting to our separate jobs. Renting your property is definitely an option but be aware of the regulations and legalities of doing so, they vary from state to state. You will want to check the local rental market to get comparable properties to judge whats fair in your market before advertising it, I also suggest vetting any possible renters through a credit service, it will filter out any risky people. I also suggest you write the rental agreement to make lawn care, minor maintenance, etc the responsibility of the renter, otherwise you'll have to hook up with a dependable local landscaper for that maintenance. There are also a number of tax benefits when renting a property but you would be wise to talk to an accountant to see where you stand.
Just remember, you are still responsible for the property so getting the right insurance is a must, and you will want to make sure all the major issues like heating systems, water, electrical are up to date to prevent any headaches. Just like prepping a boat for offshore work.

[lifeofreilly57]

What part of the world are you in?

[JPA Cate]

Do include in your plans the costs to fly back to take care of emergencies: it's amazing how slack property managers can be. FWIW, have seen this difficulty a lot.

Ann

[In Training]

We have rentals and will not leave to cruise until they are gone. Don't want the headache and worries and definitely do not want to get that phone call about problems. When our time comes (2 yrs from now) I want to leave the city with a backpack only. No strings. Rents that don't get collected, rentals that are empty, winterizing, property trashed, tenants making crack, etc. Don't need it.

I speak from experience, we had 23 properties and are now down to 8. They can't go fast enough. Sell, as by the time you return you may not want to return to the same place.

[Mt2Salt]

This may be the best way for us too; because we do not want to give up the "isolated cabin on the hill" type of living if everything goes wrong with sailing.

But we will have to sell most of our 50 acres inorder to afford to sail.

[tbodine88]

Originally Posted by Ann T. Cate

Do include in your plans the costs to fly back to take care of emergencies: it's amazing how slack property managers can be. FWIW, have seen this difficulty a lot.

Ann

We have a house in San Diego, live in Austin, don't cruise.

In San Diego We have a property manager He asks 15% fee. He maintains an escrow account for repairs. There's still a mortgage, but we clear about 40% of the rent. We bought the house 40 years ago so our mortgage is low.

When we lived in the Caribbean, we rented the Austin house. The costs were higher, We only cleared 20% of the rent. The mortgage is higher and in Texas there are different schedules for fees.

The rents on houses in both locations are about the same.

When we start cruising, Both houses go for rent, no mortgages and if we can find as good a manager in Austin as we have in San Diego I expect to be comfortable, but not extremely so.

Regards

[lifeofreilly57]

I agree with either selling or having a property manager maintain the property. Our properties are in nicer neighborhoods so we don't have some of the issues that come with lower income neighborhoods but still, houses have problems from time to time and need attention.
We have gotten rid of the problem properties and completely refurbed the better ones to reduce maintenance issues.
If your thinking of renting your property while cruising with the intent of coming back to it make sure you go through the house completely prior to going and get a good property manager, if that's economically viable.
Otherwise your probably better off selling and looking to buy another, if you return. It all depends on your situation, if, like us, you have a large extended family and want to eventually return it will make that decision harder.
Every situation is different.
Sometimes you form a bond to the place you live in, over time that bond may grow stronger, or fade, you never know until your there. Once out and about, your plans may change, but you'll never know if you don't try it.

[a64pilot]

My house is a little over 3,500 sq ft on 100 acres of land. I rented it out when I was in the Army stationed in Germany. First two renters were fine, third trashed the house so bad I wish they had just simply burnt the place down, I would have come out better if they had, I figure it only cost be about 40 to 50 thousand to rent my house out.
Far better to sell, and then buy if and when it's time to come ashore again, that's my plan. Just have to break that to the wife who always wants a home

[pistarckle]

If you really want to make a cruising commitment , sell the house , live on the equity . Many times in Paradise you will run into people that are calling off their cruising lifestyle so that they can fly back to take care of a real estate problem . If you have no equity it does not make a difference which way you go .